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Nov 27, 2012
11/12
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>> with respect to the deficit and debt of the national security liability, we need our senior leadership and the ability to take it on. we have an opportunity to do so, we have a requirement to do so. the requirement and foundation of national power is ultimately economic in terms of global influence. and in terms of supporting the military. we have, i think, members of the house will step up in the coming months. >> how did you look at your surplus of the united states? do they say that we have america under control because of the treasury? >> superposition to the united states is very important. it is very decisive. so there is no intention for us with this economic relationship. >> i'm going to open it up to the floor. we have four microphones around the room. josh grogan is over here. >> thank you very much, and thank you for your time today. i figure we can all agree that the number one issue of the risk of conflict with china is a large part of u.s. strategy encouraging this is to urge china to have a better code of conduct and et etc. and the chinese respond typically as that's fi
>> with respect to the deficit and debt of the national security liability, we need our senior leadership and the ability to take it on. we have an opportunity to do so, we have a requirement to do so. the requirement and foundation of national power is ultimately economic in terms of global influence. and in terms of supporting the military. we have, i think, members of the house will step up in the coming months. >> how did you look at your surplus of the united states? do they...
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Nov 26, 2012
11/12
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the deficit, the widest measure of trade, runs about 4% to 5% gdp now. manufacturing is about 11% of gdp. service hervey produces and exports. how the square the circle? >> thank you. with a lot of questions on the table from energy and whether we should have ambiguity on what is in the south china sea or not. indian ocean base is, human rights, and the question about borrowing from china to save china. i will start with paul. >> i will start with human- rights question first because i know it is a real strategic dilemma for nations that are engaged primarily economically with china, because there always has to be a human rights imperative. it is either the elephant in the room or is the challenge to getting into the agreements you want to be in. that the said, there are 400 or 500 million chinese living on the same per capita income as nigeria with $2 a day. that is always a real concern for the chinese and a one-party state where the military and internal security forces are also party entities. a real challenge. i want to touch on the question about o
the deficit, the widest measure of trade, runs about 4% to 5% gdp now. manufacturing is about 11% of gdp. service hervey produces and exports. how the square the circle? >> thank you. with a lot of questions on the table from energy and whether we should have ambiguity on what is in the south china sea or not. indian ocean base is, human rights, and the question about borrowing from china to save china. i will start with paul. >> i will start with human- rights question first...
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Nov 21, 2012
11/12
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last month's deficit came to about $6.7 billion. exports fell by 6.5% from a year earlier. that's in yen terms. japan's exports have fallen for five months in a row. cars and steal led the drop last month. imports also fell by 1.6% from a year earlier. now, by dtination europe tumbled by 20% as the region's debt crisis continues to dampen demand. exports to china fell by over 11.5% and anti-japan sentiment dented demand for japanese goods. now let's get a check on the markets. on the tokyo foreign exchange, the dollar is gaining ground against the yen hitting the highest level in just about seven months. dollar yen is currently changing hands at 81.84 to 88 taking a look at the euro/yen, that is also at a six-month high. euro/yen 104.87 to 88. sources say many currency traders expect the bank of japan to deliver mormon tear easing because the central bank gave a cautious outlook for the japanese economy. let's get a check on stocks. japanese share prices are trading higher on the weaker yen this morning. the nikkei average currently 9,218, a gain of over 8/10 of a percent f
last month's deficit came to about $6.7 billion. exports fell by 6.5% from a year earlier. that's in yen terms. japan's exports have fallen for five months in a row. cars and steal led the drop last month. imports also fell by 1.6% from a year earlier. now, by dtination europe tumbled by 20% as the region's debt crisis continues to dampen demand. exports to china fell by over 11.5% and anti-japan sentiment dented demand for japanese goods. now let's get a check on the markets. on the tokyo...
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Nov 28, 2012
11/12
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running deficits close to 4% to 5% over the next decade and that's cbo forecasts. if that occurs, you're talk about the debt getting more and more out of control. because the u.s. is the global reserve council, it's reliant on global reserve investment. >> just want to make sure that people have enough treasuries to trade. that's all it's about, charles. isn't that very generous? >> it is very generous. but left unaddressed, the fiscal problem is beginning to be a problem. but equally they don't want the full hit at this stage. so it is a matter of coming to some compromise, so you are going to have to see some kind of adjustment on the taxation side. that is what everyone is hopeful for. but it's still a political game. >> and we've been burned before. let's recap in the meantime a couple of developments in europe overnight. the european commission is expected to approve the restructuring plans of spags's na -- spain's national lenders today. a token price of -- yes -- one euro. the valencia-based lank was one of four to be nationalized in the past 12 months. and
running deficits close to 4% to 5% over the next decade and that's cbo forecasts. if that occurs, you're talk about the debt getting more and more out of control. because the u.s. is the global reserve council, it's reliant on global reserve investment. >> just want to make sure that people have enough treasuries to trade. that's all it's about, charles. isn't that very generous? >> it is very generous. but left unaddressed, the fiscal problem is beginning to be a problem. but...
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Nov 28, 2012
11/12
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social security has not added one penny to the deficit. for those who say there is good reason to push it off the table and wait, i would add a note of caution. small changes made today in social security will play out over the long run to buy us solvency for a long time. we should take perhaps all the security off the table but be very honest but we will achieve in the near term. i think we should create the equivalent of eight simpson- bowles region of a simpson- bowles, and come up with a plan to buy 75 years of salt with the rigid of solvency. i might add a wrinkle here. every 10 years, a similar commission ought to be created. let's not get into this mess where we have six months to go with social security. you know how important it is for people. people are devastated by the recession and their pension plans lost. it is important to us, our kids come and grandchildren. i think we should create a commission that will report back to congress before a vote by the end of the next calendar year. i want to talk about the two toughest eleme
social security has not added one penny to the deficit. for those who say there is good reason to push it off the table and wait, i would add a note of caution. small changes made today in social security will play out over the long run to buy us solvency for a long time. we should take perhaps all the security off the table but be very honest but we will achieve in the near term. i think we should create the equivalent of eight simpson- bowles region of a simpson- bowles, and come up with a...
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Nov 21, 2012
11/12
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the cbo projects that under a plausible set of assumptions, the budget deficit would still be greater than 4% of gdp in 2018, assuming the economy has returned with potential by then. moreover, under the cbo projection, could deficit and raise your federal debt to gdp would subsequently returned to an upward trend. we should all understand that long-term projections of ever increasing deficits will never actually come to pass because the willingness of plunder to continue to fund the government can only be sustained by irresponsible fiscal plans and actions. host: that was ben bernanke at the economic club of new york yesterday. looking for your confidence in the u.s. economy. already getting some comments on facebook -- abroad we are taking your comments on twitter, facebook, and calls. we start with joseph from maryland on the democratic line. thanks for joining us. caller: good morning. the issue is -- there are multiple variables. it's not just the fiscal cliff. our economy is interdependent, we are dependent on europe and china and those economies are slowing down. inevitably, th
the cbo projects that under a plausible set of assumptions, the budget deficit would still be greater than 4% of gdp in 2018, assuming the economy has returned with potential by then. moreover, under the cbo projection, could deficit and raise your federal debt to gdp would subsequently returned to an upward trend. we should all understand that long-term projections of ever increasing deficits will never actually come to pass because the willingness of plunder to continue to fund the government...
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good point which is because of the fact we have a credible plan to get on top of debt to get on top of deficit to show you how i will pay we have record low interest rates low interest rates which would describe the shadow jones that is the key test of economic credibility this is propaganda from david cameron because more than half of the bonds that the government is selling is bought by the government it's called debt monetization which they don't call that monetization because they put it through the shadow banking system the global slush fund and they say no we didn't monetize that debt it went into the shadow banking system and we don't know who bought that debt wink wink because you can't government is buying its own debt so the tory government the coalition government is setting itself up to being in power during the spectacular crash of the guilt market the bond markets trading in the three hundred year high this is the biggest bubble since the tulip bulb bubble the south sea bubble the mississippi company bubble the nikkei bubble the nasdaq bubble the u.k. gilt bubble is the biggest b
good point which is because of the fact we have a credible plan to get on top of debt to get on top of deficit to show you how i will pay we have record low interest rates low interest rates which would describe the shadow jones that is the key test of economic credibility this is propaganda from david cameron because more than half of the bonds that the government is selling is bought by the government it's called debt monetization which they don't call that monetization because they put it...
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and spending about something in the order of you know two hundred three hundred billion dollars the deficit to about one and a half trillion and what that government spending did by bit fun and spending it encouraged the private sector to slow down the leverage ing so that's why we bounced up we now look like we're. looks ok in america it's only because the government still spending one of the half trillion dollars in the bad economy above what it rings in tax receipts now if they go the other direction not only would the government contribution go down but the private sector will probably start the leverage again that leads me to my second little child ok this is before we get into it let's go back to the beginning of what you've just saying there is arms and put it in context you wrote a book called the punk economics and you're saying that traditionally certain things are not included in the modeling of the economy and it goes back to what people's definition of money is bring that back again because in your definition of money you include things like debt i include the capacity of the p
and spending about something in the order of you know two hundred three hundred billion dollars the deficit to about one and a half trillion and what that government spending did by bit fun and spending it encouraged the private sector to slow down the leverage ing so that's why we bounced up we now look like we're. looks ok in america it's only because the government still spending one of the half trillion dollars in the bad economy above what it rings in tax receipts now if they go the other...
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Nov 24, 2012
11/12
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that our manufacturing goods, trade deficit has gone up. >> that might be true that some play dirty, with don't we as well snt risk becomes that we encourage mal investment. all the things that make the united states unique and special over the past 100-odd years in the economy and that's innovation. and that's resilience had to do little with subsidies. little with special treatment but rather equal playing field. let's not corrupt what is made special to play dirty to keep up with the dirty players. >> i'm not suggest we go play dirty. i disagree with your economic history a little bit. every successful industry that's been incubated in the united states has been subsidized like sems and you can go back to the telegraph and find. that i think we have a differing view of economic history. but what i'm suggesting is this, someone's going to make cars for consumers in the united states. i'd like to see them made here. japan, korea, china, germany, they all have manufacturing strategies. if we don't have one, and i think -- i don't think it should be a dirty one. i think it should be s
that our manufacturing goods, trade deficit has gone up. >> that might be true that some play dirty, with don't we as well snt risk becomes that we encourage mal investment. all the things that make the united states unique and special over the past 100-odd years in the economy and that's innovation. and that's resilience had to do little with subsidies. little with special treatment but rather equal playing field. let's not corrupt what is made special to play dirty to keep up with the...
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Nov 28, 2012
11/12
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we have a path to energy independence in america that is $200 billion deficit right now. it is the bridge to renewable energy, renewable energy will take a long time. if we can move to gas we get tremendous benefits in terms of cleaner energy on the way to renewable energy future. if we could get those things done, steve, this would be transformational for our economy but we have not been able to act on these things even though i said earlier there is wide bipartisan -- >> thank you. let me just try to poke holes in this. if we rollback time to just before the financial crisis you look at the u.s. deposition. douglas holtz-eakin was out there talking about that already. and john mccain and others have been but it is much worse today but if you look at the deck in a different way, look at private sector debt, the fact, forget government debt. before the financial crisis private-sector debt was 160% of gdp in the united states and despite averaging, back to 160% of gdp we are still in crisis mode, you had structural corruption between regulators and financial institutions a
we have a path to energy independence in america that is $200 billion deficit right now. it is the bridge to renewable energy, renewable energy will take a long time. if we can move to gas we get tremendous benefits in terms of cleaner energy on the way to renewable energy future. if we could get those things done, steve, this would be transformational for our economy but we have not been able to act on these things even though i said earlier there is wide bipartisan -- >> thank you. let...
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Nov 21, 2012
11/12
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deficits and the u.s. in japan and an undervalued currency in china. think it's time to recommit with confidence to the three elements of a successful global economy, free trade, flexible exchange rates and a free flow of capital across borders based on open investment policy. i will give credit to the obama administration. they have been very good on investment. president obama was the first democrat in 30 years to put out an open invest a statement? why? because foreign direct investment creates jobs that are disproportionately export-oriented, disproportionately manufacturing oriented, and are 50 percent more likely to be unionized. this is capital we should be fighting for. we need to approach trade in the second among the term with that same degree of confidence going to the point that michael made. i think the world is ready to engage. the german chancellor proposed a trans-atlantic free trade agreement. at degrees to pick up on that the bill fourth. the trans-pacific partnership negotiated out in asia. the chinese followed closely. let's just pr
deficits and the u.s. in japan and an undervalued currency in china. think it's time to recommit with confidence to the three elements of a successful global economy, free trade, flexible exchange rates and a free flow of capital across borders based on open investment policy. i will give credit to the obama administration. they have been very good on investment. president obama was the first democrat in 30 years to put out an open invest a statement? why? because foreign direct investment...
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Nov 27, 2012
11/12
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we also have an infrastructure deficit and education and skills training deficit. we want to get back on track and address that issue. they will have a paycheck and their families will be able to have food on the table. i think this showed us that we can work in a bipartisan way. i hope that we can do that moving forward now to address the number one issue for every family. jobs. >> why would this be more successful in addressing taxes or entitlement program when the by in group for the -- >> the answer is pretty obvious. hanging over the head of the joint committee is this trigger that is pretty drastic. >> are there things to keep this from happening again? is there a chance that the house caucus once again will say, we are t going to support a debt ceiling increase after 2013. >> i think this sets the tone for what happens in the future and think the trigger kicks in. of course, they will take places in between that and 2013. >> the extension, by the end of the day, would you be head to head? >> we have 80,000 jobs on the line. we started construction about two
we also have an infrastructure deficit and education and skills training deficit. we want to get back on track and address that issue. they will have a paycheck and their families will be able to have food on the table. i think this showed us that we can work in a bipartisan way. i hope that we can do that moving forward now to address the number one issue for every family. jobs. >> why would this be more successful in addressing taxes or entitlement program when the by in group for the...
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Nov 29, 2012
11/12
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what the hell do you think a $1 trillion deficit is? once people wake up as to what is really coming, they will savage us and the commission. do not think these interest groups are not whoring it out right now. >> we came from the witness protection program. [laughter] >> it is tough to tell people what is going on when you have a presidential debate and during the course of that, no one asked anybody what they were going to do about the long-term solvency and social security for 75 years. if you do nothing, which is the glorious recommendation of the aarp and other senior groups, that in the year 2031, you will waddle up to the window and get a check for 25% less. who is goofy enough to let that happen? plenty of people. you have never heard a single question, what will you do with a $16 trillion debt? a question i thought was rather significant. >> the word fiscal cliff was never mentioned by candidates or one of the moderators in the debates. every day, we have a countdown. we already elected the guy. it has to be dealt with on its o
what the hell do you think a $1 trillion deficit is? once people wake up as to what is really coming, they will savage us and the commission. do not think these interest groups are not whoring it out right now. >> we came from the witness protection program. [laughter] >> it is tough to tell people what is going on when you have a presidential debate and during the course of that, no one asked anybody what they were going to do about the long-term solvency and social security for 75...
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Nov 23, 2012
11/12
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we're in for a time of belt tightening and getting our deficit under control. it's going to last for years. >> susie: let's hope it won't too bad, daren. thanks lot. our washington bureau chief, darren gersh. >> tom: of course you can watch our continuing fiscal cliff coverage on the web online just click on fiscal cliff link on the home page right there at nbr. com. that's "nightly business report" for thanksgiving, thursday, november 22nd. good night, susie, and everyone. >> susie: goodnight, tom. thanks for watching, everyone. we wish all of you a happy thanksgiving. and we hope to see you online at nbr.com and back here tomorrow night. captioning sponsored by wpbt captioned by media access group at wgbh access.wgbh.org
we're in for a time of belt tightening and getting our deficit under control. it's going to last for years. >> susie: let's hope it won't too bad, daren. thanks lot. our washington bureau chief, darren gersh. >> tom: of course you can watch our continuing fiscal cliff coverage on the web online just click on fiscal cliff link on the home page right there at nbr. com. that's "nightly business report" for thanksgiving, thursday, november 22nd. good night, susie, and...
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Nov 27, 2012
11/12
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social security, not a penny to the deficit. medicare, he wants $250 million over a quarter of a year. that saves for medicare. and medicaid is more essential now than it's ever been and it's a key part of obama care. i don't know what mr. plouffe was talking about. i think he got the republican talking points mixed up with his. >> that was my first impression when i saw the videotape as well. the question comes up. what are you willing to accept in a deal when it comes to programs like medicare and medicaid? >> look, this december should be about revenues. then we can go on to have discussions about the long-term solvency and where medicare fits in and the changes coming by 2014 as we move ahead with obama care. but revenues have to come first. they should come first because we hold all the ace s. they don't have to worry about their pledge because they are voting to reduce taxes for working americans. they just can't do anything about the millionaires and billionaires and the unearned income, which is going to go back to clint
social security, not a penny to the deficit. medicare, he wants $250 million over a quarter of a year. that saves for medicare. and medicaid is more essential now than it's ever been and it's a key part of obama care. i don't know what mr. plouffe was talking about. i think he got the republican talking points mixed up with his. >> that was my first impression when i saw the videotape as well. the question comes up. what are you willing to accept in a deal when it comes to programs like...
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Nov 24, 2012
11/12
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it is a deficit. with 2.5 trillion dollars tos tr work with. billion nex $901 billion for next year.tiont the national debt is over $16 trillion.$1 and the president's big plan cember has 1.6 trillion dollars.h first you want to raise 849 billion. over 10 years by allowing the bush tax cuts to go away this year. those with $849 billionhundred n including $206 billion.lion on i two itemized deduction.n apital higher taxes on capital gains and the white house wants to raise $584 billion aver 10 years.thev by reducing the value of tax c breaks with a charitable m contributions, mortgage payments that could have an impact on the housing industry. we have some thain going good now so let's stop that. the rest comes from raising taxes on energy companies and brokers and traders. over a decade bricks down $160 billion each year that still leaves a hole of the hundred $40 billion. he so you're looking at alionde $100 trillion deficit the president was to demonize the bushhe tax cuts but thewill. tax revenue is already increasing under the bushes. rates
it is a deficit. with 2.5 trillion dollars tos tr work with. billion nex $901 billion for next year.tiont the national debt is over $16 trillion.$1 and the president's big plan cember has 1.6 trillion dollars.h first you want to raise 849 billion. over 10 years by allowing the bush tax cuts to go away this year. those with $849 billionhundred n including $206 billion.lion on i two itemized deduction.n apital higher taxes on capital gains and the white house wants to raise $584 billion aver 10...
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Nov 27, 2012
11/12
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i just want to see that deficit can down to something that's much more stable. at the moment, in the cliff is averted, u.s. debt could spiral up towards 90% of gdp, which would bring around some problems. we want to see as an economist the budget balance really. in terms of a split between revenues and government spending cuts, aim fairly neutral. i just want to see something done. >> something done near term and longer term. we'll also talk about the consumer outlook in a second. paul will stay with us. still to come on the show, u.p.s. will be very busy this holiday season delivering as many as 300 passengers per second as we approach christmas. the company put drivers through the paces to be ready for just about any situation. we'll go to u.p.s. boot camp next. want to try to crack it? yeah, that's the way to do it! now we need a little bit more... [ male announcer ] at humana, we understand the value of quality time and personal attention. which is why we are proud to partner with health care professionals who understand the difference that quality time with
i just want to see that deficit can down to something that's much more stable. at the moment, in the cliff is averted, u.s. debt could spiral up towards 90% of gdp, which would bring around some problems. we want to see as an economist the budget balance really. in terms of a split between revenues and government spending cuts, aim fairly neutral. i just want to see something done. >> something done near term and longer term. we'll also talk about the consumer outlook in a second. paul...
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Nov 27, 2012
11/12
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not to reduce the deficit. if the goal was to reduce the deficit, why refuse to end taxpayer subsidies for the oil companies? if reducing the deficit was the purpose, why refuse to and special breaks for corporate jets and the folks at the very high end of the income scale? that was not the plan. the plan was to use this moment to threaten the economy, to try and slash the social safety net and those critical investments in education, innovation, and our future. guess what? they failed to do that. they failed to end the medicare guaranteed. they failed to slash medicaid, education. in this measure, we succeeded in protecting medicare and social security beneficiaries. we succeeded in protecting seniors in nursing homes, individuals with disabilities, and poor kids who depend on medicaid for their health care. we succeeded in providing room for critical investments in education and america's future. do not get the wrong, mr. speaker. there is much in this plan i do not like. we did not succeed in shutting down s
not to reduce the deficit. if the goal was to reduce the deficit, why refuse to end taxpayer subsidies for the oil companies? if reducing the deficit was the purpose, why refuse to and special breaks for corporate jets and the folks at the very high end of the income scale? that was not the plan. the plan was to use this moment to threaten the economy, to try and slash the social safety net and those critical investments in education, innovation, and our future. guess what? they failed to do...
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more workers and businesses make more money more tax revenue comes into the government pays down our deficit this is econ one hundred one so the question is why are people still opposed to the government investing in our national infrastructure let's ask austin piers libertarian commentator and director of production of freedom or it's a go back thank you for having me glad to have you with us what is it about the difference between spending and investment that libertarians don't get well because nobody said that that investment that roads are actually an investment you have to understand you know if you know how capitalism works if you know how that works then roads we're going tom we don't need roads and you have to understand in our advanced economy today that there is not a lot of reason not to have roads and have the capital that is going to give us all of but a large jets and that's right absolutely absolutely and if you look at pax right and if you look at north korea if you think that it's going to roads build an economy they have plenty of wide open eight lane highways but they have
more workers and businesses make more money more tax revenue comes into the government pays down our deficit this is econ one hundred one so the question is why are people still opposed to the government investing in our national infrastructure let's ask austin piers libertarian commentator and director of production of freedom or it's a go back thank you for having me glad to have you with us what is it about the difference between spending and investment that libertarians don't get well...
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Nov 27, 2012
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deficit reduction. that's probably a little too much out of revenues over the short term. so let's go back to child tax credit and some middle income tax relief and that, but let's keep a substantial portion of that revenue and we don't have to the talking about stupid across the board cuts and do more targeted cutses in programs that need cutting and bolster those that need bolstering. one thing it, no one's talking about within-third of the deficit is due to high unemployment. we should be talking about investment that will put americans back to work and that takes care of a third of the deficit. if you're talking about a grand bargain, okay, revenues putting people back to work and then we'll talking about cuts. >> that's a profound point. all of a sudden we're supposed to go into this grand bargain of medicare and medicaid because we went through recession and the tax base was low because there was a lot of people unemployed for months on end and we had to invest in the economy to where we've got it
deficit reduction. that's probably a little too much out of revenues over the short term. so let's go back to child tax credit and some middle income tax relief and that, but let's keep a substantial portion of that revenue and we don't have to the talking about stupid across the board cuts and do more targeted cutses in programs that need cutting and bolster those that need bolstering. one thing it, no one's talking about within-third of the deficit is due to high unemployment. we should be...
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Nov 28, 2012
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and so as we assume more and more responsibilities for the states with budget deficits in excess of $1 trillion, what we're going to do is find ourselves at a point where we're going to have to make cuts in programs that are our responsibility. so all i would ask to you do is think about whether or not this is truly a responsibility of the federal government and whether or not we ought to be expanding the program -- well-intentioned, does great work. don't discount that. well-deserved. don't discount that. but is it the responsibility of the federal government? i would actually state to the chairman -- and i'd be happy to have a voice vote on this and not force a vote, because i know the outcome, and we shouldn't waste everybody's time to do that. so with that, i would ask for the yeas and nays and a voice vote and vitiate the vote that's scheduled for 7:00 -- 6:00. the presiding officer: is there objection to that request? href i'm not sure i -- mr. levin: i'm not sure i understood what that request was. the presiding officer: the request was for a vote on the leahy amendment now -- t
and so as we assume more and more responsibilities for the states with budget deficits in excess of $1 trillion, what we're going to do is find ourselves at a point where we're going to have to make cuts in programs that are our responsibility. so all i would ask to you do is think about whether or not this is truly a responsibility of the federal government and whether or not we ought to be expanding the program -- well-intentioned, does great work. don't discount that. well-deserved. don't...
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Nov 21, 2012
11/12
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that does not help us close the deficit gap. may be politically of fun move for someone to hang their hat on, but the deficit and an economic stadpoint, it's just is not make sense. melissa: i absolutely hear what you're saying in think there are people who agree with you. are you willing to stand that ground and not yield and go over the fiscal cliff rather than yielding on that position of marginal rates? >> kiffin important for us to solve this prblem i think with the economy flying solo and so slow, congress and the president ought not be creating turbulence right now. let's just solve this thing. let's all that the right way. melissa: i hear you. what do you do from there to avoid going over the cliff? >> i think the common ground is revenue. we know that we can balance and pay our debts and build that gdp, which is what are generating. eighteen, 18 and a half percent, @%different issue. we think we can work with the president and democrats to find a way to create new revenue, mean substantial revenue to start taxing. melis
that does not help us close the deficit gap. may be politically of fun move for someone to hang their hat on, but the deficit and an economic stadpoint, it's just is not make sense. melissa: i absolutely hear what you're saying in think there are people who agree with you. are you willing to stand that ground and not yield and go over the fiscal cliff rather than yielding on that position of marginal rates? >> kiffin important for us to solve this prblem i think with the economy flying...
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Nov 29, 2012
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he said that's going to put a drag on the economy but we have to do something about the deficit. i don't really understand reasonings. i think he needs to go back to economic then i would argue the deficit gets worse because the revenues don't come in because the unemployment rate goes up. >> you're absolutely right. france instituted a 75% marginal tax great early last night grease going we've got to make sure we're getting gross right if we want to face the deficit. you go pro row tax reform you broaden out debate like an 82-year-o 82-year-old. >> you think, however, reading from your notes and looking at the stock market, particularly retail stocks, you believe that taxes are going up. you believe that's the stock market message, it meal why then. the blebs saying it when you look at the retailing names, the market tells you they think all the middle class market will get extended. you see order? core it's not just this consumption that's going to you're going to gets will live dent, small cap stocks are underperforming. we're going to have a hard cap gains tax, a high are def
he said that's going to put a drag on the economy but we have to do something about the deficit. i don't really understand reasonings. i think he needs to go back to economic then i would argue the deficit gets worse because the revenues don't come in because the unemployment rate goes up. >> you're absolutely right. france instituted a 75% marginal tax great early last night grease going we've got to make sure we're getting gross right if we want to face the deficit. you go pro row tax...
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Nov 27, 2012
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we cannot get there, get the deficit down without significant cuts in spending. >>neil: the election has consequences and you could argue that a key premise of the president's re-election was i will raise taxes on the rich and he is likely entitled to that, he will likely see that but it is all the other things they are leveraging with democrats do not touch entitlements and putting everything on table it remind me of george bush sr. he agreed to reverse the pledge oh ride -- "read my lips, no new taxes." but the democrats never offered correspondenting spend cuts. we know what happened to him. what happens to those who agree do in the republican party? >>guest: the republican party has to stand for economic growth and it has to stand for the principle that keeping tax rates low and reforming the tax system is the way to grow the economy. i disagree slightly with rand paul. i am in favor of closing loopholes. i hate them. i call them termites in the tax system but we should use that money to credit a first-class world class tax system that stops exporting jobs. w
we cannot get there, get the deficit down without significant cuts in spending. >>neil: the election has consequences and you could argue that a key premise of the president's re-election was i will raise taxes on the rich and he is likely entitled to that, he will likely see that but it is all the other things they are leveraging with democrats do not touch entitlements and putting everything on table it remind me of george bush sr. he agreed to reverse the pledge oh ride -- "read...
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Nov 29, 2012
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job creation is essential to reducing the deficit. we firmly believe if you want to reduce the deficit, create jobs. you can grow the economy and reduce the deficit. it's all together. and that is attested to by every bipartisan task force, commission, you name it, that has come together. you can't get there from here in terms of deficit reduction and fiscal soundness without having revenues be on the table. i'd like to yield to the assistant leader for his comments. >> thank you, madame leader. i think that this meeting was very, very fruitful. it simply reminds us -- >> we are listening to commentary after nancy pelosi's meeting with timothy geithner. as you heard, ms. pelosi continuing to stick to her guns in terms of raising revenue as well as spending cuts. we don't have the clarity this market is looking for. that is, where will the cuts be? where will the revenue be? we're still waiting on compromise. as soon as we get some indication of that compromise, we'll bring it to you. maybe there's hope, meanwhile, for the twinkie. hos
job creation is essential to reducing the deficit. we firmly believe if you want to reduce the deficit, create jobs. you can grow the economy and reduce the deficit. it's all together. and that is attested to by every bipartisan task force, commission, you name it, that has come together. you can't get there from here in terms of deficit reduction and fiscal soundness without having revenues be on the table. i'd like to yield to the assistant leader for his comments. >> thank you, madame...
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Nov 27, 2012
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taxes. >> i want to reduce the deficit. you're absolutely wrong. i want to reduce the deficit j why are you afraid the fiscal cliff? >> because larry elder i believe that cutting spending will help grow the economy. i also believe a flat tax will help growth economy, but larry elder, my beef right now is it's all about revenues and tax rates and so forth, and i want lower spending because i think that's progrowth, larry elder. >> less money should be taken from the pockets of the american people, whether you're talking about deductions or loop hole, however you do it. less money should not -- should be taken from the american people, not more, and christiana roma said raising taxes is contractionary, lowering taxes section pangsry. one more time why do it at all? >> exaccuse me, larry. >> two things. there's a political reason and there's a policy reason. the political reason is we had an election. the american people decided tax rates were going to go up for the top 2% of income earners. the republicans tried the alternati
taxes. >> i want to reduce the deficit. you're absolutely wrong. i want to reduce the deficit j why are you afraid the fiscal cliff? >> because larry elder i believe that cutting spending will help grow the economy. i also believe a flat tax will help growth economy, but larry elder, my beef right now is it's all about revenues and tax rates and so forth, and i want lower spending because i think that's progrowth, larry elder. >> less money should be taken from the pockets of...
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Nov 28, 2012
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we should not be cutting social security benefits to deal with a budget deficit it did not cause, nor was it a part of. >> reporter: still, social security will need to be adjusted. the gap between the taxes it takes in and the benefits it is paying out will total almost a trillion dollars over the next decade. darren gersh, nbr, washington. >> tom: while the summer drought baked midwestern fields, farm values are up. still ahead tonight, we look at why farmland is such a hot commodity with investors. off the farm, home prices continue heading higher, rising for an 18th consecutive month, according to the widely followed s&p case/schiller home price index. the survey tracks 20 metropolitan cities, and shows home prices were up 3% year over year in september. compared to august, prices inched up three-tenths percent higher. together, analysts say the numbers add up to a long recovery for housing. >> the housing market has clearly turned the corner and is well on its way to recovery. it's going to be a slow, steady, recovery rather than a booming, explosive recovery, because we still ha
we should not be cutting social security benefits to deal with a budget deficit it did not cause, nor was it a part of. >> reporter: still, social security will need to be adjusted. the gap between the taxes it takes in and the benefits it is paying out will total almost a trillion dollars over the next decade. darren gersh, nbr, washington. >> tom: while the summer drought baked midwestern fields, farm values are up. still ahead tonight, we look at why farmland is such a hot...
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Nov 26, 2012
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. $1.3 trillion in deficit. $901 billion, for next year, in deficit and our national debt is now over $16 trillion, and everybody knows that, i don't need to write that down. and, the president's big plan, he wants -- wants $1.6 trillion in new taxes. and here's how he wants to get there. first he wants to raise 8$849 billion over ten years by allowing the bush tax cuts, here they go... away. on the 31st of december, this year. they'll expire for households with incomes more than $250,000, $849 billion, includes $206 billion, of higher taxes on dividends. $123 billion, on limiting itemized deductions. $36 billion, higher taxes on capital gains. and, next, the white house want to raise another $584 billion, over ten years... $584 billion, of that, over ten years by reducing the value of certain tax breaks, cutting tax breaks related to charitable contributions and, by the way it may have an impact on the housing industry and that should get everybody a little excited. we have something good going here as the saying goes now, in the housing industry and let's quash that. the rest of the
. $1.3 trillion in deficit. $901 billion, for next year, in deficit and our national debt is now over $16 trillion, and everybody knows that, i don't need to write that down. and, the president's big plan, he wants -- wants $1.6 trillion in new taxes. and here's how he wants to get there. first he wants to raise 8$849 billion over ten years by allowing the bush tax cuts, here they go... away. on the 31st of december, this year. they'll expire for households with incomes more than $250,000, $849...
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Nov 24, 2012
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he forecasted a $1.3 trillion deficit. th so that means, if i can figure this out, $2.5 trillion to work with. $1.3 trillion in deficit. $901 billion left for next year. our national deficit iss big pl $16 trillion. everybody knows that. the president's bignt plans, he just wants $1.6 trillion in new taxes.t here is how he wants to get there. first he wants to raise 849 billion. by allowing the bush tax cuts -y there they go. taking him away.f the very first of december of this year. incom incomes of more than $250,000, 849 billion includes 206 billion in higher taxes on dividends. $123 billion on limiting i'm itemized deductions.pital higher taxes on capital gains. then they want to raise another$ $534 billion over 10 years.ten b excuse me,y over two years, by using tax rates.e mortgage payments and -- oh, by the way, that might have ane evr impact on the housing industryby and that could get everybody excited. we have something good going, so mones squash that. the rest would come from raising taxes on commodity traders,
he forecasted a $1.3 trillion deficit. th so that means, if i can figure this out, $2.5 trillion to work with. $1.3 trillion in deficit. $901 billion left for next year. our national deficit iss big pl $16 trillion. everybody knows that. the president's bignt plans, he just wants $1.6 trillion in new taxes.t here is how he wants to get there. first he wants to raise 849 billion. by allowing the bush tax cuts -y there they go. taking him away.f the very first of december of this year. incom...
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Nov 29, 2012
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us into these deficits. as the chairman just said -- social security has never contributed one penny to these deficits. why to cut the benefits of seniors on social security to pay for the misspending and bad ideas of previous congresses, i do not understand. that is what we are adamant about social security -- use it to buy down a debt created by other things? no. on medicare, if you all just take a close look at the record, a lot of democrats lost their seats because of republicans politicizing this issue. democrats have already come to the table $700 billion in savings in medicare already. we have reformed medicare through be affordable care act, and much of it is doubling to play out. $700 billion -- that is a lot. i have not seen any republicans come forward with a proposal that saves you $700 billion. we did that without having to cut any benefits for beneficiaries who earned as benefits. that was the beauty of the reforms we passed -- we found ways to extract savings, principally from waste and fraud,
us into these deficits. as the chairman just said -- social security has never contributed one penny to these deficits. why to cut the benefits of seniors on social security to pay for the misspending and bad ideas of previous congresses, i do not understand. that is what we are adamant about social security -- use it to buy down a debt created by other things? no. on medicare, if you all just take a close look at the record, a lot of democrats lost their seats because of republicans...
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Nov 29, 2012
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we need to be creating jobs, not trying to cut the deficit. there is a time for that. we need jobs. >> tavis, good to see you, and you have a very famous voice. you were just on -- >> well, it is not that english thing you have, though. >> obviously, mine is much more. >> and coming up, something with a memorable voice, a lottery queen herself. we'll talk powerball. she has the name millions know and love, please reveal your name to us. >> i am yolanda vega. but, through it all, we've persevered, supporting some of the biggest ideas in modern history. so why should our anniversary matter to you? because for 200 years, we've been helping ideas move from ambition to achievement. and the next great idea could be yours. ♪ and the next great idea could be yours. meet the 5-passenger ford c-max hybrid. when you're carrying a lot of weight, c-max has a nice little trait, you see, c-max helps you load your freight, with its foot-activated lift gate. but that's not all you'll see, cause c-max also beats prius v, with better mpg. say hi to the all-new 47 combined mpg c-max hyb
we need to be creating jobs, not trying to cut the deficit. there is a time for that. we need jobs. >> tavis, good to see you, and you have a very famous voice. you were just on -- >> well, it is not that english thing you have, though. >> obviously, mine is much more. >> and coming up, something with a memorable voice, a lottery queen herself. we'll talk powerball. she has the name millions know and love, please reveal your name to us. >> i am yolanda vega. but,...
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Nov 28, 2012
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. >> social security does not add one penny to the deficit. it's an important program, critical program. take care of it in the future and do it separate from the debt debate. >> i think most would agree that social security is not responsible for the deficit. clearly shouldn't be on the table for discussion. >> that might be true if lawmakers hadn't already borrowed and spent all the program surplus revenues from years past, which by law congress now has to pay back. adding to the deficit. >> the money came in. congress spent it. look here, we have money to spend. let's go ahead and spend it up. there it went. it's gone. >> social security now needs to start getting the money back again adds to the deficit. just this year alone, the social security trustees' report that "in 2012, the projected difference between social security's dedicated tax income and expenditures is $165 billion." part of the $165 billion added to the deficit, $112 billion of it is a result of the payroll tax cut that president obama pushed through, which by law congress
. >> social security does not add one penny to the deficit. it's an important program, critical program. take care of it in the future and do it separate from the debt debate. >> i think most would agree that social security is not responsible for the deficit. clearly shouldn't be on the table for discussion. >> that might be true if lawmakers hadn't already borrowed and spent all the program surplus revenues from years past, which by law congress now has to pay back. adding...
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Nov 28, 2012
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he did make one comment about the deficit reduction. it really was calling on congress saying this is up to you. dennis: he was calling on americans to contact their congressmen and invite them to raise taxes on anybody else, but me. cheryl: we have gerri willis here with us to talk about this issue. first, jim, to you. do you feel any better now that he has spoken? >> not really. i did not hear compromise. i kind of have to respectfully disagree. i think the american people are overwhelmingly calling for a compromise. i think the republicans have made the first move to put spending cuts back on the table or on the table. sorry, the republicans on the tax hike in the raising of revenues, i am not hearing the other side. they really do have to go hand in hand. i think the democrats and president are -- we could turn this off. this could be an absolutely self-inflicted wound. dennis: calling on america and extending the bushhtax cuts for another year. do you get a feeling that the americans are clamoring for tax increases for people makin
he did make one comment about the deficit reduction. it really was calling on congress saying this is up to you. dennis: he was calling on americans to contact their congressmen and invite them to raise taxes on anybody else, but me. cheryl: we have gerri willis here with us to talk about this issue. first, jim, to you. do you feel any better now that he has spoken? >> not really. i did not hear compromise. i kind of have to respectfully disagree. i think the american people are...
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nevermind the deficit, you'll never come close to tackling the debt if there's not leadership fromhe white house on this issue. >> reporter: steven, you covered the issues, and you have for a very lon time with distinction. at some point, it seems we're on a carosel of complaints and empirical evidence that does not change and the argument does not change. that is, we have a trillion dollar problem in terms of the deficit, a $16 trillion problem in terms of the debt, and we've got two parties that for all the world are acting as though we think we got 300 million americans in the country too dumb to understand what they've got to do. the only people who don't seem to get it are the republicans and the democrats in the nation's capital. >> yeah, i mean, look, there's a lot of truth to that. republicans deserve credit in raising issues after the elections of 2010, as pa of the process, the negotiations about the debt ceiling, but the irony we're facing right now as we sit here and we see the president refuse to talk seriously about entitlements, refuse to really actually engauge in any
nevermind the deficit, you'll never come close to tackling the debt if there's not leadership fromhe white house on this issue. >> reporter: steven, you covered the issues, and you have for a very lon time with distinction. at some point, it seems we're on a carosel of complaints and empirical evidence that does not change and the argument does not change. that is, we have a trillion dollar problem in terms of the deficit, a $16 trillion problem in terms of the debt, and we've got two...
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Nov 28, 2012
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it adds up to about what our deficit is. until you deal with the fact that they have continued this $800 billion in stimulus until they cut that out, are we going anywhere? >> i think the real object tiff, the thing we have to do as a company, as a country is fix our fiscal house. in order to do that we have to reduce spending, we have to increase taxes. there is no two ways about it. the great thing in my view about the fiscal cliff --. david: by the way whht we're looking at what i was talking about before. as you can see, tween, that was supposed to be one-shot deal. $800 billion increase in spending. continued, 2011, 2012. that is what has to be addressed. >> it all has to be addressed. we need a comprehensive solution that will last for a long time that will both right the ship and give us certainty and give us understanding as business people and consumers what status we will have from a tax poont of view, from a spending point of view over the next number of years. liz: that becomes the big problem for anybody trying
it adds up to about what our deficit is. until you deal with the fact that they have continued this $800 billion in stimulus until they cut that out, are we going anywhere? >> i think the real object tiff, the thing we have to do as a company, as a country is fix our fiscal house. in order to do that we have to reduce spending, we have to increase taxes. there is no two ways about it. the great thing in my view about the fiscal cliff --. david: by the way whht we're looking at what i was...
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Nov 28, 2012
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madam president, there are ways to do deficit reduction which are fair. everybody has got to understand we have cut approximately $1 trillion in benefits already. so when we talk about $4 trillion in deficit reduction, $1 trillion has already taken place. second of all, at a time when the wealthiest people are doing phenomenally well, when we have growing wealth and income in america, we have to repeal bush's tax breaks for people making $250,000 or more. that's another $1 trillion. we have got to appreciate the fact that one out of four corporations in america doesn't pay a nickel in taxes. we can bring in significant amounts of revenue through tax reform which asks corporations to start paying their fair share of taxes. we're losing $100 billion a year because corporations and the wealthy are stark their money in the cayman -- are stashing their money in the cayman islands and other havens. defense spending tripled since 1997. we're now spending almost as much as the rest of the world combined. let's take a serious look at defense spending. madam presid
madam president, there are ways to do deficit reduction which are fair. everybody has got to understand we have cut approximately $1 trillion in benefits already. so when we talk about $4 trillion in deficit reduction, $1 trillion has already taken place. second of all, at a time when the wealthiest people are doing phenomenally well, when we have growing wealth and income in america, we have to repeal bush's tax breaks for people making $250,000 or more. that's another $1 trillion. we have got...